Shardul Amarchand Mangaldas & Co. acted as legal counsel to the Committee of Creditors (CoC) of Hindusthan National Glass & Industries Limited (HNGIL), led by State Bank of India, in connection with the successful completion of the corporate insolvency resolution process (CIRP) of HNGIL.

The CIRP of HNGIL, a leading manufacturer in the glass industry, was among the most complex insolvency proceedings in the manufacturing sector, involving multiple competing resolution plans, extensive stakeholder participation, and significant regulatory and judicial scrutiny. The transaction achieved a recovery of approximately ₹2,500 crore for creditors, including 74.89% for secured financial creditors.

The process was marked by prolonged litigation before multiple judicial fora including the NCLT, NCLAT, High Courts and the Supreme Court of India, involving competing applicants, the promoter group and dissenting creditors. The Supreme Court, in a landmark judgment dated 29 January 2025, clarified the requirement of prior approval from the Competition Commission of India before CoC approval of any resolution plan, setting an important precedent under Indian insolvency law. SAM advised the CoC throughout the CIRP and the subsequent implementation of the resolution plan, including evaluation and negotiation of competing resolution plans, representation before judicial forums, structuring and documentation of the resolution plan, and post-approval actions such as delisting, reduction of share capital and allotment of equity to assenting creditors.

The transaction was led by Soummo Biswas, Partner; Veena Sivaramakrishnan, Partner; Yugal Jain, Principal Associate; Aditi Tomar, Senior Associate; Ritika Sharma, Associate; Amandeep Saini, Associate; and Arushi Handa, Associate.

The litigation workstream was led by Misha, Partner; Siddhant Kant, Partner; Abhilash Chaudhary, Principal Associate; Deepanjan Dutta Roy, Principal Associate; Moulshree Shukla, Principal Associate; Gayathri Balasubramanian, Associate; and Sanjana Jha, Associate.

The competition team comprised Harman Singh Sandhu, Partner; and Rohan Arora, Partner; while the corporate team was led by Tanavi Mohanty, Partner.

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